It’s no secret that every small business owner has a number of challenges that they face every day. According to a recent survey from our friends over at Direct Capital, access to financing is still the number one concern of small business owners.
We have been hearing about lending concerns for small businesses for quite some time and it seems it is still very much top of mind. Of the roughly 7000 small business owners in the New England area that received the survey, nearly half of the respondents indicated that the biggest pain point in 2013 and going into 2014 will be a need for financing options.
Though the economy is certainly getting better, it’s not quite where we would all like it to be yet. Banks still aren’t lending as much as small businesses need them too, especially to meet the additional demand from those businesses that are finally ready to take on new employees, upgrade equipment, or expand their operations. For those small businesses still looking to obtain some funds this year, we encourage you to seek out nontraditional or specialty lenders, like Direct Capital. These types of lenders are a great resource for those small businesses looking to avoid the hurdles of a bank loan.
Following lending, increased taxes and healthcare reform were other hot buttons. An overwhelming 75% of all respondents also indicated an interest in learning more about effective marketing strategies.
What are the biggest challenges your business will face in 2014?